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bunq first EU neobank to report a quarterly profit
bunq, the second largest neobank in the EU, reports a pre-tax profit of €2.3 million over the last quarter of 2022. The challenger’s first quarterly profit will fuel the fintech’s further growth and expansion, contributing to building the first global neobank for location-independent people and businesses.
In the last quarter of 2022, bunq’s net fee income grew by 37%, compared to the last quarter of 2021, and user deposits grew by 64%, to €1.8 billion at the end of 2022.
I’m incredibly proud that, just a decade since our inception, bunq’s service-oriented business model has proven to be profitable. Truly aligning our user-centered philosophy with financial success, we were able to build a business that’s only successful as long as our users are happy, says Ali Niknam, founder and CEO of bunq.
bunq reported break-even for the first time at the end of December 2021. Since then, the neobank has been on a steady path to profitability, continuously investing its operating profit in innovation, product development and international expansion.
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